ANOTHER major bank is giving away £200 in free cash to customers who make an easy move.
NatWest is the latest high street lender to offer a bonus to those who switch over to it.
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Banks and building societies regularly run switching offers to draw in new customers but they usually only last for a limited time.
In most cases, the process can be done through the Current Account Switching Service (CASS).
NatWest’s offer requires the customer to move their current account over.
Your current account is a bank account where you can store and withdraw money – most people use them for day-to-day transactions.
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All customers need to do is use the CASS, pay £1,250 into the NatWest account and log into the mobile app within 60 days of switching accounts.
The deposit of £1,250 can be made up of multiple credits and must remain in the account for 24 hours
Once you’ve met these conditions, the bank will pay £200 into your eligible account within seven days.
Customers can also get another £60 back in Rewards each year by signing up to a Reward account.
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Every month customers can receive £4 back for two direct debits and an additional £1 for logging into the mobile app.
Bear in mind that the Reward account has a monthly fee of £2.
It’s important to note though that if you’ve previously received a switcher incentive from NatWest Group since January 1, 2020, you won’t be eligible for the offer.
The last time NatWest offered a similar deal was in 2023, and 100,000 customers made the switch between July and September last year.
How do I switch?
The easiest way to switch banks is by using the Current Account Switch Service (CASS).
Over nine million people have used the service so far to swap their current accounts.
Most major banks and building societies are signed up. The full list is on the CASS’ website.
Through the service, you have to contact your new desired bank to apply for one of its accounts.
If you are accepted, they will offer to make the switch for you automatically and ask you to choose a date to do it.
Your old bank should then talk to your old one and everything will be switched across, including your balance, direct debits and salary.
After this, you will receive your new cards, log-in details and any PINS.
How switching bank accounts affects you credit score
SWITCHING banks regularly can negatively impact your credit score meaning you’re less likely to be approved for a loan or credit.
Your credit score may be affected if you make a switch so bear that in mind if you are looking to apply for a loan or you are planning on buying a property any time soon.
Are other banks offering switching bonuses?
One other bank has announced a fresh switching offer so far this year.
Lloyds’ switching incentive for new customers looking to open an account launched this week – but you need to be quick.
The bank is offering existing and new customers from any other bank account £175 if they switch to a Club Lloyds account between now and March 28.
Three other banks – Co-op, TSB and First Direct – with switching bonuses, all pulled the offers in January this year.
HSBC and Nationwide also had switching bonus offers worth up to £200, but these offers expired last year.
Like the NatWest offer the switching bonuses usually come with requirements, such as two regular direct debits in your account or a monthly fee.
It’s worth keeping an eye on these offers may come around again.
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Meanwhile, a savvy saver shared how he and his family made over £7,000 thanks to a Martin Lewis tip encouraging bank switching.
Plus, for more information on the Lloyds offer see our story.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories.
